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CBS sues controlling shareholder Redstone to stop Viacom merger plan


By Jessica Toonkel(Reuters) - CBS Corp on Monday filed a lawsuit to stop controlling shareholder Shari Redstone continuing with her plan to merge it with Viacom Inc , saying such a deal would harm its shareholders.The New York media company has also asked the Delaware Chancery Court to block Redstone from interfering at a special meeting of its board on Thursday called to consider the merger. News of the lawsuit sent CBS shares up nearly 3 percent and Viacom shares down more than 6 percent. Analysts have said a merger would benefit Viacom more than the stronger CBS. "Ms. Redstone has acted ...

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First Published: Mon, May 14 2018. 20:48 IST